What Is Storj?

Nov 21, 2022
4 min read

This blog post will cover:

  • About Storj (STORJ)
  • Where did Storj (STORJ) come from?
  • What are the advantages of Storj (STORJ)?
  • What are the disadvantages of Storj (STORJ)?
  • How to buy Storj (STORJ) on SimpleSwap?

About Storj (STORJ)

Storj Labs provides secure, affordable distributed cloud storage that gives data ownership back to the user instead of major corporations. The company’s open-source cloud storage platform utilizes spare disk drive space and bandwidth shared by its community members, called Storage Node Operators, to create a secure network for developers, operations teams, companies, and anyone else who needs secure cloud object storage.

STORJ is a utility token that is not only used to pay Storage Node Operators, but customers can also elect to pay for storage and bandwidth using STORJ. The distributed architecture and end-to-end encryption on every file protect against attacks, improve reliability, increase download/upload speeds, and enhance performance compared to traditional cloud storage.

Where did Storj (STORJ) come from?

Storj Labs operates the Storj Network, all code is open source. Storj Labs also created the world's first decentralized cloud object storage service called Tardigrade. The company's headquarters are now located in Atlanta, Georgia, USA, with employees working remotely from all over the world. Shawn Wilkinson is the Founder and Chief Strategy Officer, Ben Golub is the Chief Executive Officer, JT Olio is the Chief Technology Officer, and John Gleeson is the Chief Operating Officer.

In 2014 the SJCX token was issued on the Counterparty protocol which runs on top of the Bitcoin blockchain. Then, in March 2017, the company made the transition to the Ethereum blockchain. Shortly after, the company issued 425 million new STORJ tokens, replacing the previous SJCX tokens. Those who owned the SJCX tokens were able to exchange them for STORJ at the 1:1 rate. The STORJ token is a utility token used to pay Node Operators on their network. In the spring of 2017, there was an ICO of new utility tokens. The initial token offering brought in roughly $30 million.

What are the advantages of Storj (STORJ)?

  • Decentralization
    The cloud storage service doesn’t depend on a localized server, making it almost impossible to hack or provoke a data leak.
  • The opportunity to earn tokens
    To receive STORJ tokens, users can become Node Operators and rent out free space on their hard drives.
  • Enhanced encryption
    Using new technologies, the company encrypts every file end-to-end in such a way that it helps to increase the level of privacy significantly.

What are the disadvantages of Storj (STORJ)?

  • The unilateralism of STORJ tokens
    Some crypto enthusiasts note the limited use cases of the token as it is helpful within the platform only. However, this is the original purpose of STORJ. STORJ is a utility token that was never meant to be a universal cryptocurrency.

How to buy Storj (STORJ) on SimpleSwap?

You can use Bitcoin, Ethereum, Tether, and 300+ other fiat and cryptocurrencies to buy STORJ tokens on SimpleSwap. You are welcome to follow the detailed instruction below:

  • For example, you want to swap BTC for STORJ. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select STORJ in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. STORJ will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to STORJ exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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